It appears the time has finally come. Actually, we haven't been screaming about it for ALL that long. Just a short while, really.
But... how much longer can we put UP with this... until we just absolutely lose control and fight back ?
Well... Here Goes !
As we all know... the Federal National Mortgage Association... FNMA... we call Fannie Mae
And... the Government National Mortgage Association... GNMA... we call Ginnie Mae
And... the Federal Home Loan Mortgage Corporation... FHLMC... we call Freddie Mac
So... in the spirit of these nicknames... which are "almost" acronyms... not quite, but almost...
I now propose a new name... again, not quite an "acronym"... but I think it will work just the same.
The brand new form of the Good Faith Estimate... has not been well received. It is confusing, it throws our timing for transactions out of whack... and... to be honest... the Good Faith Estimate... the GFE... has simply become a pain in the butt !
I propose... that from now on... we refer to the Good Faith Estimate... the GFE... as "The Goofie."
So... ladies and gentlemen, boyz and girlz... the next time you call your Loan Officer... and want a Good Faith Estimate... remember this...
Just say... "Hi Brenda... this is Karen Anne Stone. Regarding my buyers Jason and Donna Homebuyer on the property at 234 Honey Bun Lane... could you send me a Goofie?"
Whaddya think ? Me... I think it just might have possiblilties :)
I love it, great idea! Gotta love thosee acronyms and this is a good one.
Karen Anne: Love the idea. I am NOT loving the new GFE and it is putting everyone through the ringer. Not to mention the HVCC which means nothing more than "let's have another hiccup". Both requirements have no regard for the contractual timeframes the buyers are bound by and I have yet to see where each of these systems truly helps the borrower.
Vickie: Yes... what would the world go without acronyms. Like SCUBA... and SNAFU, and the good old war favorite FUBAR. Let's see if anyone things Goofie is a good way to go.
Cathy: Me too. We shall see. Yes, the new "Goofie" is... goofy. Right throught the ringer.
My brain must be in an acronym mode... because I just looked at the initials HVCC... and the word "havoc" jumped into my brain. That sounds like it fits, as well.
Hi Karen Anne ~ Goofy and Havoc are both right on the money. What a pain!
Liz
Hi Karen....you have to have good sense of humor dealing or swimming in this quagmire, Good luck :O))
Liz: With you... the votes are coming in from the East Coast. Cool. Sounds like you are voting for the Goofie ! Maybe we can start a trend, here. Stay warm...
Fred: So with you, the votes are coming in from the North West, as well. Yes... some say I have a good sense of humor. Others call it warped. Either way... it works for me. Thanks for your kind words...
Karen Anne,
I am lucky working with cash buyers, but if I get into deals involving mortgage, I would remember to request a goofie...
Karen Anne
Just not sure... should it neessarily be THE Goofie?
I love it and I will start calling that from now on!
Karen Anne, I totally love it! You have my vote, you goofy woman!
Karen Anne, that made my day! LOL
That's PERFECT!! I'm going with that . . .
Karen, a great laugh before bedtime!!
Cool! Now we have loan officers passing out their flyers to us to explain....
I couldn't agree more.
I think I like Havoc even better than Goofie because Havoc has what's been wreaked this week because of the HVCC.
Hi Karen Anne,
Goofie and HAVOC!!! I like that....Actually, I was calling HVCC - "havoc" for a while now... just for kicks.
I'll go with it. It sounds like an easy way to ask for something tha obviuosly seems goofie. I haven't had to much problemm with it yet, and hopefully will not. I'm staying positive.
Ginerva: No... I really haven't met anyone who WASN'T confused by the new Goofie... GFE
Jon: This could be the new way out. When in doubt... ask for a Goofie !
Great idea. What were they thinking when they designed the new form?
Todd: Somehow, some way, I'm really not surprised that you are instantly "in" with it. You've always had a wonderful sense of humor... LOL.
Pat: I'm thrilled you like it. And yes, this goofy woman wears her goofiness as a badge of honor. Thanks for your kind words.
BethAnn: I'm glad it made your day, and brought a smile to your face. Hearing that makes me smile as well.
Carla: Being perfect is good. Yes woman... go with it ! And thanks so much for your kind words. :)
Dawn: A good laugh before bedtime is a great way to go sleepie-pie. Sleep well... :)
Sally: And just what good do they think the flyers will do ? Many loan officers I know don't really fully understand the new Goofie themselves. How silly. PS... I'm so glad the tsunami fizzled. Take care...
Tammie: Good for you. Maybe if we all gang up on them... they will fix that goofy Goofie. :)
Christine: Yeah. I KNEW I had something after I wrote this post, and then saw the HVCC initials just sitting there. Havoc tell the who story, doesn't it ?
Ruthmarie: I believe it. Havoc for you and Goofie for me. Sharp minds think alike. :)
Frank: Hopefully you will continue to be ok with it. I have heard of both Realtors and buyers who have gone more than a little nutz over it.
As a banker, I can tell you that the form is a pain. I met with some borrowers the other evening to go over their loan package. I went through the 1003 and showed them they needed about $9k to close. I saved the GFE for last and had to pull them off the ceiling when they saw over $24k on the GFE.
On another file, my processor called to let me know we had a problem, because the GFE and the 1003 did not match. Of course, they don't match any more.
Like everything else, we'll get through this.
Tom
Sharon: That's just it, hon. They WEREN'T thinking. Ummm... they were having a brain fart... lol. Ooops... did I say that ?
Tom: That 1003 can be very confusing, and kind of invasive if the borrowers aren't expecting it. But, you nurse them through that... and then bop them on the head with the Goofie GFE. Not fun. Yes... we'll get through this... although I hope they just drop this dumb idea.
I love it. You definitely have to have a sense of humor to survive these days or you'll be like that poor gent who bulldozed his house down -- WACKO. The goings on and alleged "fixes" are unbelievable and the folks getting hammered are the ones in the trenches -- we normal citizens! Oh well, I believe that at some point this insanity will pass.
Sue of Robin and Sue
Sue: Thanks for your kind words about my sense of humor. And... about that gentleman who bulldozed his house... I am one of the few who have voiced support for him, or at least one of the few who have said they totally understood how he felt, and how frustrated he must have been.
I do not think he was a nutcase. I much prefer he take out his frustration with a bulldozer... and climb into an airplane and fly it into an IRS office like the guy did in Austin.
Unfortunately, I think this insanity will be around for a while.
Karen...thanks for the laugh! I know it's not really that funny but you just HAVE to laugh sometimes. Makes you wonder, "what were they thinking?"
Perhaps the G.F.E. is nothing more than a S.W.A.G.
Scientific Wild Ass Guess
Sweet Wild Ass Guess
Semi Wild Ass Guess
Smart Wild Ass Guess
Some Wild Ass Guess
Stupid Wild Ass Guess
Super Wild Ass Guess
Sophisticated Wild Ass Guess
Still Wondering and Guessing
You guys have some weird stuff to deal with down there. Hope our powers that be do not get wind of it and foist it into our lives, north of the 49th parallel.
Hi Karen Anne,
How appropriate! Great nick name..and I think it could really catch on! I'll start using that name ASAP!
Karen Anne, totally agree. Mtg. person gave a talk at our office about this and we were all in shock - how is this stupid thing going to help the consumer? It is NOT.
i don't have any trouble understanding the "goofie." it just doesn't tell the buyers what we feel that they should know. so we developed additional documentation to do that.
we also have a separate disclosure that is signed by the borrower acknowledging receipt of the goofie, as the document itself does not require a signature.
maybe we should refer to those at HUD as the "goofies" or "goofiettes" for delievering such a document.
Great post. Love your take on this bane of our real estate existence.
I haven't had a problem with it yet.... There is a loop hole from what I understand - If your borker quotes closing costs, appraisals and inspections from another state like NY or somewhere that is on average, much more expensive (this is what my BOA mortgage broker does) then we have no problems at closing.... My last closing the GFE was much higher than the actual HUD!!!
Hahaha! I'm going to use your "goofie" when I talk to one of my mortgage lenders. She'll love it!
Goofie is now in my lexicon.
Thanks for raising the level of discourse when referring to government entities that believe that they live in a bubble and that no one reads their dribble but themselves.
Very funny and appropriate. . I will start using it. . thanks for sharing this with us Karen Anne
Makes sense to me but then again I am sometimes prone to being a bit sarcastic myself ;-D
Karen Anne, I hope you know how much I like you and the new acronomyn. It took 3 proxy errors to comment here.Brilliant Goofie, can't wait to see what the next loan officer does when I talk to them.
That is a very creative acronym; I'm sure you could get enough votes on AR to get your suggestion approved!
Thanks for a good laugh!
Great idea. I like Ruthmarie's HAVOC (#20) also. I hope this sticks. I for one will use it from here on in.
Karen Anne, thank you so much for the chuckle! Although it is not funny, your post is! The Goofy, I like it! Well, I like the name but don't like the Goofy itself. :D
I remember listening to a contractor who was interviewing for the job of remodelling my kitchen. He gave me an estimate and said, "Now, this is just an estimate, which means it'll probably go up."
Not sure if he had his coffee yet that day, but I didn't pick him :)
Good Faith Estimates, old and new, show as much as is necessary to hook the borrower--kinda like some agents on their listing appointments promising to sell the home for heaps....
Never has a form the was supposed to "educate and help" the consumer turned into such a nightmare. It's so confusing that it takes hours of classes for the the lenders and settlement companies to begin to understand how to use it properly. And for the consumer it's a nightmare. One small example - lenders are now charging all transfer taxes to the borrower whether they will pay them or not per the contract. Why you may ask? The lender is responsible o pay them if they are underestimated. My only hope is that over time things will be corrected but I'm not optimistic.
You always brighten my day! Goofie is groovy, as are you, Karen Anne!
Looks like everyone is in agreement...so I guess this means they won't change it...LOL
I'll betcha the term "Goofie" takes off like wildfire and becomes a term that is used all over the country. Congratulations on coining a new term! So apt.
Karen, fun article to read that unfortunately makes a lot of sense.
Karen Anne - "Goofie" - what a perfect name... and how unfortunate for us all!
You are riot, Karen Anne, and right on target with that name. For crying out loud, it doesn't even tell the borrowers what their PITI payments will be. How "Goofie" is that?
Nothing makes sense anymore!!! GFE is perfect!
KarenAnne, The Goofie is hilarious. And the reason it's so funny is that it's the truth!
I am totally on board with this one. I can't wait until I hear someone use that term with me, and I'll know it's getting around!
Karen,
Your name of Goofie is a little nicer than what I have been calling it! I've been in the mortgage business for over 15 years and never have I seen something so MESSED UP and CONFUSING to my clients. We should have stayed with the ONE page GFE that had the fees listed out CLEARLY on each line item. Plus the old GFE had an estimate of the PITI payment and not the principle payment only being disclosed on the new GOOFIE. Yes there is a box to say there are escrows or not but no fully payment is being disclosed. To make the NEW GOOFIE a little easier to understand I start off with the Intial Fee Worksheet (another name for the old GFE) and then move over to the three page confusing form that is now known as Goofie!...
We should start a FAN CLUB on Facebook to GET RID of GOOFIE!!!!
Jason and Donna Homebuyer better get one darn good Goofie if they want my business!
Great idea, I'm all for making things easier
Karen Anne, how are you? I'm so sorry I haven't been in touch lately. I miss our "chats."
I read this post and laughed out loud. It is priceless! You always hit things on the nailhead. I love your posts!
We'll have to talk soon.
Chris Howlett
Howard Hanna
Mentor
Now this post definitely deserves to be featured! I will begin to use that term from now on.
Karen you do have some sense of humor. I hope the loan officer I contact is familar with your post. If not he or she won't know what I need when I ask for my Goofie.
Karen, You can call it whatever you want, just as long as the bank makes sure to put our brokerage administrative fees on there so the office doesn't turn around and hound me for it!
Unfortunately, I haven't had to deal with one...yet. Although just seeing the form and the things it leaves out GOOFIE is absolutely appropriate!
Thank you for the laugh this morning!
Karen - one more reason to live north of the 49th .... and one more thing to keep south of the 49th
OMG - you are hysterical! I busted out with laughter over this one. Good job - I can't wait to ask for my goofie the next time I speak to some of my loan reps and escrow officers.
I found the old Good Faith Estimates to be Goofie, so wouldn't the new ones be Goofie, Jr.?
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The Goofie sounds about right! I now ask for the "Initial Fees Worksheet" which is the equivalent of the "Old Goofie".